This neighborhood saw the most home-price drops last month

The market continued to slow during the month of August with New York City seeing a significant decrease in the number of price drops across all boroughs, according to a recent report by RealtyHop.

Manhattan remained the borough with the highest number of price drops, with the Upper East Side-Carnegie Hill neighborhood taking the number one spot with 93 price drops in August.

The number of price drops is significantly lower, however, compared to last month when the Manhattan neighborhood Turtle Bay-East Midtown had a total of 157 price drops. That is a 41% drop in the number of price drops when comparing the neighborhood with the most price drops in July and August.

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Manhattan also saw the highest price drop among all boroughs analyzed, with a price drop of $2 million. August’s price drop is significantly lower when compared to July’s price drop of $6.95 million. The borough also had the top five addresses with the highest dollar price drop, which ranged in price drops between $455,000 to $2M.

Brooklyn and Queens came in first and second place when it came to the highest median percentage price drops.

The Brooklyn neighborhood, Fort Greene, had a median percentage price drop of 22.9%, with Jamaica, Queens coming in second at 20%, followed by the Morrisania-Melrose neighborhood in the Bronx with 16.1%.

Fort Greene also had the highest median dollar price drop, with a price drop of $298,000.

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